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However, the private sector cannot act alone. Governments have the main
responsibility for providing the legislative and regulatory environment
that enables businesses to play their part. Vital issues such as open trade
policy, sound and stable governance, infrastructure investment, economic
and monetary policy, tax and social protection structures, and the costs of
doing business must be balanced by governments in a way that gives the
private sector the ability and incentive to act.
In reality few countries do those things well and in Africa, South Asia,
South East Asia and Latin America the environment is often quite hostile
to such initiatives. If any of the sustainable development goals are going
to have any kind of chance to deliver for our populations beyond 2015,
the area of private-sector development and enterprise growth must also
be supported by governments. Jobs are the best way out of poverty. We
need good jobs – formal-sector jobs through formal sector enterprises,
jobs that fit the needs of the modern economy, jobs that through their
taxes contribute to the means of development in any country.
If one stands back and looks at the goals we set for our societies, the
private sector is the main engine of economic growth. It is the base upon
which social development, education, health care and social-security
systems rely. Let the private sector it do its job!